ren jianxin, chairman of china national chemical corporation (chemchina) and igor sechin, president of rosneft, signed a memorandum of cooperation in equity investment and crude oil supply on june 20, 2015 in st. petersburg during the st. petersburg international economic forum.
according to the memorandum, rosneft will supply chemchina with crude oil in the long term, and subscribe 30% stake in chemchina petrochemical co., ltd (ccpc), a subsidiary of chemchina.
through the cooperation between chemchina and rosneft, favorable conditions will be created for ccpc to diversify its ownership structure and enhance the stability of its refineries in crude oil processing, and for both sides to improve the regional competitiveness.
